Crypto exchange OKX has launched a localized platform in Turkey featuring trading pairs denominated in Turkish Lira.

OKX President Hong Fang emphasized Turkey‘s significance in crypto, citing high adoption and transaction volumes.

“Turkey is a very important and special market for us. It ranks high in terms of crypto adoption and crypto transaction volume,” Fang said in an interview.

Highlighting the country’s economic challenges, including double-digit inflation, crypto has emerged as a critical financial resource for many Turks.

Amid fears of alienating many users, the Turkish government has taken a lenient stance on cryptocurrency, which has allowed the sector to thrive.

OKX announced its expansion plans into Turkey in early 2023, introducing USDT/TRY, BTC/TRY, and ETH/TRY trading pairs for local customers.

Central Turkish banks Akbank and Garanti BBVA have also initiated crypto projects, aligning with the nation’s movement towards establishing a crypto regulatory framework.

OKX’s operations extend beyond Turkey, including Hong Kong, the United Arab Emirates, and the Bahamas.